An international organization of high profile property professionals, The Counselors of Real Estate® (CRE), recently published a report detailing the most pressing trends and issues affecting real estate. The “Top Ten Issues Affecting Real Estate™ 2018-2019” highlights five short-term and five long-term national and global topics that are having a direct impact on the real estate market. In a quick summary, we wanted to share the issues they thought were most pressing.
The home values in the Seattle area are at an all time high. The median price for a single-family home in Seattle is $777,000 and $950,000 on the Eastside. The Seattle Times recently reported that "Both Seattle and the Eastside have smashed home-price records as the region's market continues to be brutal for homebuyers even before the peak spring season kicks off."
Though many people have probably heard of Bitcoin by now, there are now several types of cryptocurrency. New types you may start hearing more about include: bitcoin cash, ZCash, Monero, Ripple, and Ethereum. They essentially all function the same way; and act as digital funds that are produced in limited quantities and without involvement of a bank or governmental regulations.
Realogics Sotheby's International Realty presents a look at the housing market trends for the third quarter of 2017, check out all the details across the sound; from in-city Seattle living opportunities to the Eastside’s most distinguished residences.
Seattle | Single Family Homes
Prices continued to exceed seller’s expectations in Q3-2017, as the median sales price reached $881,000, a sharp increase compared to last year’s $786,000 average. View report here.
Seattle | Condominiums
The average sales prices for condominiums in Seattle as a whole increased by 11.6% compared to the third quarter of 2016, while the value of condos in the downtown core continues to skyrocket. View report here.
Eastside | Residential
Despite cooling autumn temperatures, the market on the Eastside is red hot, as the region’s same-quarter sales in the third quarter of 2017 remained steady from 2016 and the days on market decreased to 18 days. View report here.
As a recent Realtor.com report indicates, home prices around much of the country continue to increase and “in large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing.”
Realogics Sotheby’s International Realty (RSIR) is featured in the latest print version of the Puget Sound Business Journal for its position on the list of Top Residential Real Estate Firms (ranked by 2015 residential home sales in the Puget Sound region). Taking the 7th spot on the list, RSIR reported $800 million in local residential sales for 2015. Most notably, despite being smaller than any of the brokerages in the top 5 spots at 159 agents, the boutique brokerage reported an average sales price of $767,000, higher than the average of each of the top 5 firm’s by at least $225,000.
“We are proud of our consistent recognition among the area’s largest brokerage firms and extend a congratulations to all the firm’s that made this year’s list,” said Jennifer Johnsen, Vice President of Brand Development. “Our brokers work tirelessly and this is ultimately an acknowledgement of their achievements."
The feature was opposite an RSIR spread that reads, “We Are. | Change Agents” and describes the firm’s commitment to industry innovation, extraordinary marketing prowess and broker servicing that befits a global company. It also makes note of the new and improved rsir.com, RSIR’s Asia Services Group, and the firm's over $2 billion in marketing sales experience for new construction.
As Dean Jones, Owner & CEO of RSIR previously said of the “change agent” philosophy, “Our brand is creating a positive disruption in the industry and our brokers are increasingly change agents in their respective markets. We observe a unique added-value, full-service business model that’s being endorsed by our brokers and consumers alike.”
Foreign investment in the US real estate market is higher than ever! With such an increase in investment by foreigners comes questions and concerns that may not have otherwise been brought up in transactions with only American citizens.
Fortunately, the publication Mansion Global has compiled a list of 5 tips for foreign buyers to know:
- Foreigners can borrow in the US and buy a home
- Buyers don't pay out of pocket for a real estate agent; it comes from the sale of the house
- You may have to disclose your identity
- You will need to pay annual taxes on your property
- Some apartments require additional fees
In a recent letter to millennials, Jonathan Smoke of Realtor.com describes the biggest obstacles preventing millennials from homeownership. He nailed down four factors that are giving millennials the most cause for concern:
- Student Loan Debt - This can cause problems when trying to secure a mortgage, because "in order to get a qualified mortgage, you need a DTI of no more than 43%, so a very large student loan balance could disqualify you right off the bat."
- Credit Score - Given that history is one of the largest factors in determining credit scores, caution is necessary because "the average FICO score for a millennial with a mortgage this year is 714" whereas the average score of an American is 695.
- Down Payment - While having that 20% down payment is ideal, "the average millennial this year could only put 7% down." Smoke suggests aiming for a 10% down payment and saving as much as possible.
- Rents Are Rising - Many millennials are concerned with rents that keep rising faster than incomes: "the majority of renters in the U.S. now have to spend more than 30% of their income to rent a typical home, and that means they're starting to sacrifice spending in other areas such as food and health care."
We are excited to share that our beautiful Belcara property in Sammamish has been listed today as Puget Sound Business Journal's Home of the Day!
Wake up with a smile!
Lovingly maintained and masterfully updated 4 Bed/3.5 Bath Conner built home in Belcara. Located at the end of a lane, off a cul-de-sac, this home artfully combines contemporary and traditional styles.
Visit www.WKSammamish.com for more info!